Proxy refers to someone who is authorized to serve in one's place at a meeting, especially with the right to right to vote on behalf of another. It may be written authority given to someone to act or vote in someone's place. A proxy is often used as a method for stockholders to cast votes at a meeting of shareholders, and by board members and convention delegates.
Proxy voting refers to the procedure of delegating the right to vote by one person to another. In proxy voting in the absence of a person his/her vote will be secured by some other person. A person so designated to cast the vote of another is called a "proxy" and the person who delegates the power is called a principal. A voter must have a trust in the proxy. Any person including the official of the chosen party can be appointed as the proxy.
Massachusetts Irrevocable Proxy: A Comprehensive Overview In Massachusetts, an irrevocable proxy is a legal document used to confer authority from one party (the principal) to another (the agent or proxy) to make decisions or take actions on behalf of the principal. This proxy grants the agent the right to act on behalf of the principal even if the principal becomes incapacitated or unable to make decisions themselves. The Massachusetts irrevocable proxy effectively transfers decision-making powers to the agent, giving them the authority to handle various matters on behalf of the principal. This proxy can cover a wide range of areas, including financial matters, healthcare decisions, property transactions, and even end-of-life choices. With an irrevocable proxy, the principal cannot revoke or terminate the proxy once it has been established, unless a specific condition outlined in the proxy document is met. This trait distinguishes it from a revocable proxy, which allows the principal to withdraw or change their proxy designation at any time. Types of Massachusetts Irrevocable Proxy: 1. Financial Irrevocable Proxy: This type of proxy grants the agent the power to manage the principal's financial affairs, including banking transactions, tax filings, investments, bill payments, and overall financial decision-making. 2. Medical Irrevocable Proxy: With a medical irrevocable proxy, the agent is empowered to make healthcare decisions on behalf of the principal in case they become incapacitated. This proxy typically covers medical treatment options, choice of healthcare providers, decisions regarding life-sustaining treatment, and organ donation. 3. Property Irrevocable Proxy: This form of proxy allows the agent to handle property-related matters, such as buying or selling real estate, managing rental properties, handling property taxes, maintaining property insurance, and resolving property disputes. It is worth noting that the implementation and requirements of a Massachusetts irrevocable proxy may vary, and legal advice should be sought to ensure compliance with the specific regulations and preferences of the principal. Additionally, the appointment of a trusted agent as a proxy is crucial as they will be entrusted with significant decision-making authority. In conclusion, the Massachusetts irrevocable proxy is a binding legal document that grants an agent the power to act on behalf of the principal in various areas, including finance, healthcare, and property matters. By understanding the different types of irrevocable proxies available, individuals can make informed decisions and ensure their wishes are carried out even in situations where they may be unable to make decisions themselves.
